Yet curiously, members of Gen Y are missing a huge opportunity to
increase their pay: They are not negotiating their first
salaries.

In an exclusive survey of 548 millennials in the
U.S., 82% said they did not negotiate their first salaries
because they either didn't feel comfortable (38%) or didn't know
they were allowed to do so (44%).

Since your first salary is the baseline for all future raises,
the impact of starting out behind is huge. "Not negotiating your
first salary in a low-wage job can amount to a sacrifice of half
a million dollars over the course of your career," says Sara
Laschever, a negotiating expert and the author of "Ask For It." "In a higher-wage job, that loss
is magnified."

Furthermore, with average incomes in the U.S.
increasing so slowly, "if a whole generation starts out
earning less than they could, it's going to suppress wages," she
says.

Many millennials, those born between 1980 and the early 2000s,
came of age in a deep financial crisis and saw friends struggling
to get jobs or taking jobs below their education levels. They
were grateful to get jobs at all and thought negotiating for more
might put their offers at risk, Laschever says. That fear is
compounded for women, who tend to view a negotiation as
aggressive, which is antithetical to the warm and friendly
demeanor they are expected to project.

There is, of course, always some risk involved in any salary
negotiation. Not understanding the environment or taking the
wrong tone could damage your relationship with the interviewer,
says Martin Latz, CEO of the Latz Negotiation Institute and
author of "Gain the Edge." In rare cases, the offer could be rescinded.

But in most instances, experts say, employers do expect some
negotiation of salary or benefits and tend to offer less than
they can afford in order to leave some wiggle room.

To strike the right balance and not come off as greedy, Latz
suggests researching every facet of a typical negotiation in your
field and at the specific company, including the standard salary
range and benefits package, what's negotiable, who makes the
first offer, and how the back and forth tends to play
out.

Sites like Salary.com and LinkedIn, HR consultants in your field,
and the career office at your college are all great resources for
determining what's expected.

Latz also recommends providing a defensible reason for why you're
asking for more, such as citing an independent study about the
average compensation for the role. "Use benchmarks that support
your conclusion of what might be fair or reasonable rather than
asking for more for more's sake," he says.

Additionally, Laschever advises asking with a smile and offering
plenty of thank yous. For example, you might say: Thanks for
the offer. I'm very excited at the prospect of working here. I've
done my research, this is what the market is paying, and I hope
you'll consider giving me a little more.